A European Commission spokesperson announced Monday that EU oil and gas supply coordination groups will meet Thursday. This safety net is designed to protect the bloc's economy during significant global supply disruptions. The coordination groups include government representatives who oversee secure energy flows and coordinate emergency measures. The meeting aims to discuss the Middle East situation following the Iran crisis. The groups are scheduled to monitor the conflict's impact on the energy sector and review member states' latest supply assessments. Their primary role is ensuring a unified European response to maintain market stability during geopolitical crises. Oil prices have surged past $100 per barrel amid the ongoing regional instability. EU member states are legally required to maintain strategic petroleum reserves equivalent to 90 days of consumption.
